Lac Gold Director Matthew Keegan Moves 393,750 Shares into Superannuation Fund in Off-Market Transaction

Details of Matthew Keegan’s Off-Market Share Transfer

On 25 June 2026, Lac Gold director Matthew Keegan transferred 393,750 fully paid ordinary shares off-market from his direct personal holding into Keegan Pty Ltd ATF Keegan Super Fund, a superannuation vehicle in his name. The transaction consideration was $129,937.50, indicating a per-share value at transfer, though Lac Gold did not specify the implied share price in its update. This off-market transfer reflects an internal restructuring rather than an open-market sale.

The company clarified that Keegan’s beneficial interest in the shares did not change, meaning his economic exposure to Lac Gold remained the same. Only the legal ownership structure shifted. Such transactions are common among directors optimizing personal finances by consolidating assets into superannuation funds and do not indicate any reduced confidence in the company’s prospects.

Matthew Keegan’s Shareholdings Before and After the Transfer

Before the transfer, Keegan held 32,519,280 fully paid ordinary shares directly and an indirect holding of 5,480,720 shares via Victoria Road Holdings, a company where he is sole director and shareholder. He also holds 20,000,000 performance rights across six tranches. After the 25 June 2026 transfer, his direct shares decreased to 32,125,530, while his indirect holdings now include 5,480,720 shares through Victoria Road Holdings and 393,750 shares via Keegan Pty Ltd ATF Keegan Super Fund.

In total, Keegan’s indirect holdings amount to 5,874,470 shares. His 20,000,000 performance rights remain unchanged. This diversified holding structure demonstrates his significant and ongoing alignment with Lac Gold’s shareholder interests over the medium to long term.

Permitted Exception Under Lac Gold’s Share Trading Policy

The company confirmed that the transfer did not occur during a closed trading period requiring prior written clearance. Transfers of securities already held into a superannuation fund are explicitly allowed as a permitted exception under Lac Gold’s Share Trading Policy. Consequently, Keegan did not need board approval or formal clearance documentation.

This treatment aligns with common practice among Australian listed companies and ASX Listing Rules, recognizing such internal transfers differ from market trades as they do not affect beneficial ownership or involve market price discovery. The permitted exception carve-out facilitates directors’ personal financial management without the administrative burden of external transactions, while ensuring transparency through Appendix 3Y disclosure.

Performance Rights Linked to the Rouyn Gold Project

The update also detailed Matthew Keegan’s 20,000,000 performance rights, structured in six tranches (A to F), each tied to specific operational or financial milestones primarily related to Lac Gold’s flagship Rouyn Gold Project. This structure aligns Keegan’s long-term remuneration with the company’s project delivery.

The earliest expiring tranches, A and D, both expire on 22 January 2027. Tranche A requires Lac Gold to announce a mineral resource exceeding 2.0 million ounces of gold at a minimum grade of 3.0 grams per tonne at Rouyn. Tranche D requires the company’s shares to achieve a 30-day volume weighted average price (VWAP) of $0.50 or more. These milestones serve as key operational and market benchmarks for investors.

Mineral Resource Milestones for Tranches A and B

Tranches A and B are linked to mineral resource announcements at Rouyn. Tranche A (1,000,000 rights, expiring 22 January 2027) requires a resource exceeding 2.0 million ounces at 3.0 g/t gold. Tranche B (1,000,000 rights, expiring 22 January 2028) sets a higher target of 2.5 million ounces at the same grade. These escalating hurdles indicate expectations of progressive resource growth through ongoing drilling and delineation.

These tranches provide investors insight into material near-term milestones prioritized by Lac Gold’s board and management. The 3.0 g/t grade threshold targets a relatively high-grade gold resource with significant economic implications. The company did not disclose current resource estimates or drilling progress in this update; investors should consult recent resource and exploration reports for the latest status.

Scoping Study and Final Investment Decision Milestones for Tranches C and F

Tranche C (600,000 rights, expiring 22 January 2028) is contingent on an independently verified scoping study demonstrating positive net present value for one or more projects. This milestone marks a key transition from exploration to preliminary economic assessment.

Tranche F (1,200,000 rights, expiring 22 January 2029) requires board approval of a final investment decision to commence mining operations and the granting of a mining lease. This long-term hurdle reflects the ultimate goal of mine development, aligning executive remuneration with project delivery beyond resource growth.

Market Performance Hurdles in Tranches D and E

Tranches D (1,000,000 rights, expiring 22 January 2027) and E (1,200,000 rights, expiring 22 January 2029) are tied to share price performance rather than operational milestones. Tranche D requires a $0.50 VWAP over any 30 consecutive trading days, while Tranche E sets a higher VWAP hurdle of $0.75. These market-linked conditions ensure part of executive rewards depend on shareholder value creation.

The director share transfer’s immediate impact on share price was not disclosed; investors should refer to live market data for current trading levels.

Governance and Transparency Reflected in the Director Shareholding Disclosure

Lac Gold filed an Appendix 3Y Change of Director’s Interest Notice as required under ASX Listing Rule 3.19A.2 following the shareholding change on 25 June 2026. Despite no change in beneficial ownership or market trade, the company promptly disclosed the transaction, maintaining ASX transparency standards.

The notice’s comprehensive detail—including pre- and post-transfer holdings, full performance rights terms, and confirmation of the Share Trading Policy exception—demonstrates Lac Gold’s thorough approach to governance disclosure. Analysts and institutional investors often review such notices to assess director alignment and remuneration structures, both clearly outlined here.

Investor Outlook: Monitoring Milestones on Rouyn Project and Performance Rights

Investors should watch for the expiry of Tranches A and D in January 2027. Achieving a 2.0 million ounce gold resource at 3.0 g/t or sustaining a $0.50 VWAP would represent significant de-risking events. Announcements of drilling results, resource updates, or scoping study progress will be material in this context.

Matthew Keegan’s restructured holdings and detailed performance rights terms provide a roadmap of key objectives the company’s leadership is targeting. With approximately 38 million shares and 20 million performance rights spanning exploration, economic, and market milestones, Keegan’s financial interests remain strongly aligned with Lac Gold’s long-term success. Investors should continue to follow official updates, quarterly reports, and resource announcements for progress toward these goals.